BS: Cyprus Govt - Theft of Savings

Subject: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman Sans Cookie
Date: 18 Mar 13 - 05:32 AM

I'm astonished that the Mudcat Über-politicos haven't commented on this:-

Cyprus Gov't Plan To Steal From Citizens' Savings Accounts

Outrageous.

According to BBC news this morning, people living in Cyprus are finding their savings accounts frozen and transactions impossible to make - clearly to prevent them withdrawing their money ahead of the raid on their accounts.

If this goes ahead, who's next?

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Niggardly Bastard
Date: 18 Mar 13 - 05:56 AM

Me and you and a dog named Boo.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Nigel Parsons
Date: 18 Mar 13 - 06:40 AM

Take a percentage of everyones savings?

Seems almost the same as devaluing a currency, but without reducing peoples debts at the same time!

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Steve Shaw
Date: 18 Mar 13 - 07:04 AM

I agree. It's outrageous. The EU has given eurosceptics a massive stick with which it will now be beaten, and rightly so.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,oap
Date: 18 Mar 13 - 07:28 AM

It is outrageous
In the UK our GB£ savings are continually being ripped off by inflation well above ridiculously low interest rates
and that's outrageous too

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Don(Wyziwyg)T
Date: 18 Mar 13 - 07:28 AM

I thought this was an action of the Cyprus government, not the EU.

It seems that Cyprus banks are on the point of complete collapse, and the government on the verge of bankruptcy.

It may be that losing part of your savings to protect the rest is a better option than watching the banks go bust and losing the whole bloody lot.

It's easy to criticise and blame from a distance, but without knowing how bad things are, it may also be wrong.

Don T.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Richard Bridge
Date: 18 Mar 13 - 08:43 AM

If you don't want to be subject to foreign bank regulation, don't use foreign banks. Most users of foreign banks do it because of interest or tax advantages - very few place savings abroad (as distinct from current accounts) for local convenience.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: beardedbruce
Date: 18 Mar 13 - 08:48 AM

How is this significantly different from the death tax, that takes a portion of an estate that has already been taxed ( when earned)? Or sales tax, where the money is taxed when earned, and again when spent?

Once you give the government the right to take your money whenever it decides it wants to, how do you then restrict it from taking your money?

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Keith A of Hertford
Date: 18 Mar 13 - 08:51 AM

I think the concern expressed was for the ordinary Cypriot account holders.

The theft of their cash without warning was a condition imposed on them by EU in return for a bailout.

Other countries who may need future help, say Ireland, should be afraid.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Lizzie Cornish
Date: 18 Mar 13 - 08:51 AM

So, everyone pulls their savings OUT of the Banks...

And then.........................

CRASH!!

Stupid is as Stupid does.....


Not long to go now to The Implosion....


Oh..and go back to The Old Ways, under the mattress...for your average Burglar is a lot less likely to rob you than your average Banker....

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Lizzie Cornish
Date: 18 Mar 13 - 08:52 AM

...or, Crooked Politician....

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 08:55 AM

Don, it's a condition of a rescue package, and apparently proposed by the fat-arsed German hausfrau and her acolytes because they're afraid of repercussions from German voters who have a perception that Cypriot banks have been laundering Russian money.

Richard, I'm not concerned with rich people outside Cyorus who have tried to take advantage of banks in Cyprus. My concern is for the ordinary people of Cyprus, and British nationals who live there.

However you look at it, it's a shitty way to treat people who weren't responsible for the mess the wanker-bankers have got themselves into. Even a Tory surely must concede that?

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,CrazyEddie
Date: 18 Mar 13 - 08:56 AM

"Some rob you with a six-gun, some with a fountain-pen"

Does this count as a music thread now?

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 09:01 AM

And of course it hits the British Taxpayer - the British government have promised to reimburse British Services personnel stationed there for any losses they suffer. It's a good thing, but who's going to pay for it, eh? Why, me of course, out of the tax they take from my pension! Oh, and you, and every other UK taxpayer.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: beardedbruce
Date: 18 Mar 13 - 09:30 AM

Thinking on it, how is this ANY different from the personal property tax, as implemented in Virginia? You own it, you pay a percentage of the value each year to the state government.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 09:38 AM

Bruce, it's different because its been imposed by group of nations on another, single, nation, largely at the behest of the most powerful nation in the group, and for reasons that are nothing to do with they ordinary Cypriot-in-the-street. It's different because it's over and above their normal taxation regime. It's different because it will only be paid by people who have been both prudent and patriotic, and have saved money in Cypriot banks instead of pissing it up the wall, or stashing it offshore.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 09:43 AM

Lizzie, it's not just a case of people pulling their savings out of the banks. The banks have frozen their accounts, and ATMs are off-line, they can't even get money for their day-to-day living. So even those who have no savings, and who won't have their money stolen by the government, are hit because they can't get at their current accounts.

Do try to keep up.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Stilly River Sage
Date: 18 Mar 13 - 10:01 AM

Austerity will never work, austerity will never work, austerity will never work. And now on top of job loss, unaffordable gas and electricity, by tapping personal assets they're asking for anarchy and an ecological crisis.

SRS

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: John MacKenzie
Date: 18 Mar 13 - 10:53 AM

The reporter on Radio4 this morning, said he could draw money from an ATM in Cyprus without a problem. In the panic yesterday, some ATM's ran out of cash, but from what he reported, they don't appear to be, all shut down. The banks however, are shut, and may remain so until an agreement is sorted out.
Cyprus is like Iceland was, vastly "over banked". i.e. The banks held loads more money than what one would expect for an econonmy of their size. This is because of outsiders, taking advantage of their beneficial rates.
Better to lose a little, than a lottle, as they say.
Yes I know it's better not to lose any at all, but the cookie has crumbled.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 12:21 PM

But, as usual, the ordinary people are going to pick up the tab, and mainly because the German bullies and their sycophantic chums are insisting on it.

Makes me sick.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 12:23 PM

BBC2 news at lunchtime today reported that ATMs are closed, which I took to mean most, if not all, ATMs are off-line.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Jim Knowledge
Date: 18 Mar 13 - 12:24 PM

I `ad that Vladimir the Oligarch in my cab last night. `e`s the one `oo put all those blooming meerkats on the telly.
`e said, "Evening Jim, could you get me to the nearest under-ground that goes direct to `eathrow. please. I`ve got to catch the night flight for Nicosia.
I said, "You going for a nice little `oliday in your villa then? Getting away from all this rain for a while?"
`e said, "Niet. I gotta getta to the bank pretty fast and shift all my dosh up north. I don`ta think Johnny Turk is planning a bank raid!!"


Whaddam I Like??

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST
Date: 18 Mar 13 - 12:28 PM

"But, as usual, the ordinary people are going to pick up the tab"

I should have said, "The ordinary people who were stupid enough to have saved for their future are going to pick up the tab".

It's a disgusting state of affairs.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 12:32 PM

12:28 PM GUEST was me.

I've got to stop posting, lie down in a darkened room, listen to some good music and recover my equilibrium. :-)

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: John MacKenzie
Date: 18 Mar 13 - 12:34 PM

I hear on the news that stock markets in the Far East are falling, due to this little "Local difficulty"
Oh what a tangled web we weave!

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Ebbie
Date: 18 Mar 13 - 01:23 PM

"...their savings accounts frozen and transactions impossible to make - clearly to prevent them withdrawing their money..."

In what way is this different from a 'bank holiday'?

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 01:32 PM

Don't your ATMs work on a Bank Holiday Ebbie? They do in Europe.
Can't you access your account and make transactions on-line on a Bank Holiday? We can in Europe.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 01:39 PM

Oops, pressed the 'go' button too soon......

Currently in Cyprus, they can't do either of those things, because the ATMs have been taken off-line and on-line transactions have been frozen (according to BBC Breakfast News and BBC lunchtime news today.

But the important point, which others seem to be ignoring, is that this situation is a direct result of German pressure on other EC members and on the Cyprus government. How would you feel if access to your own money was prevented as a result of foreign countries pressurising the US Government?

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 01:42 PM

And the reason the Germans are jumping up and down is because of suspicions of Cypriot banks laundering Russion money - Cypriot banks, notice....not the Cypriot people. Yet the Cypriot people are being robbed to pay for the sins of the banks.

Absolutely indefensible, whatever one's political stripe.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Niggardly Bastard
Date: 18 Mar 13 - 02:01 PM

Put your money in a cash box and hide it good. The banks don't pay enough interest to make putting it there a good idea.
Hide it good. If they can't find it they can't steal it.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Guest from Sanity
Date: 18 Mar 13 - 03:05 PM

Coming soon to a bank near you!

GfS

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: JohnInKansas
Date: 18 Mar 13 - 03:36 PM

I didn't look at the article, but the headline I saw yesterday was something like "EU says surrender your savings or no bailout."

(It was at msnbc.com if anyone wants to look for it(?))

I've been up for almost 27 hours straight, so I think I'll take a nap before I do anything about it.

John

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: JohnInKansas
Date: 18 Mar 13 - 04:08 PM

Okay, got another $@%11 cuppa Joe and couldn't resist looking.

Cypriots asked to surrender up to 10 percent of bank balances in return for EU bailout

By Michele Kambas, Reuters
17 March 2013

NICOSIA, Cyprus - Cyprus's parliament will decide on Monday whether savers must pay a levy on bank deposits under terms for an international bailout to avert bankruptcy - with approval far from certain.

The euro zone demand on Saturday that savers pay up to 10 percent of deposits as a condition for the 10 billion euro ($13 billion) bailout drew fury in the eastern Mediterranean island and caused some jitters elsewhere in the region.

Cypriots emptied ATMs after news emerged of bailout terms which broke a previous euro zone taboo on protecting depositors in its efforts to address the regional debt crisis.

Newly elected Cypriot President Nicos Anastasiades said refusing the bailout would have led to the collapse of the island's two largest banks, badly singed by their exposure to bailed out neighbour Greece.

The tax on deposits in Cyprus, which accounts for only 0.2 percent of the euro zone's economy, is expected to raise up to 6 billion euros as a condition for the bailout, mainly needed to recapitalize banks.
Those affected will include rich Russians with deposits in Cyprus and Europeans who have retired to the island as well as Cypriots themselves.

The size of foreign deposits in Cyprus - estimated at 37 percent of the total - was one reason the euro zone agreed to the tax on savings, to take effect when banks reopen on Tuesday. Cyprus stopped electronic transfers over the weekend.

Cyprus's parliament was due to convene on Sunday in an emergency session to discuss the proposed penalties on deposits: 9.9 percent for those exceeding 100,000 euros and 6.7 percent on anything below that. However, the Cyprus News Agency reported that the meetings had been postponed until Monday.

The choice facing Cyprus was between "the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis," President Anastasiades said in a written statement.

'A gun to our head'

His right-wing Democratic Rally party, with 20 seats in the 56-member parliament, needs support from other factions for a vote to pass.
"The dilemmas are very tough," said Marios Karoyian, head of the Democratic Party, junior partner in the coalition government. "Things are unbelievably hard."

He did not say which way his party would vote. It is already split over backing Anastasiades three weeks ago.

Cyprus's Communist party AKEL, accused of stalling on a bailout during its tenure in power until the end of February, was likely to vote against the measure. The socialist Edek party called EU demands "absurd".

"This is unacceptably unfair and we are against it," said Adonis Yiangou of the Greens Party, the smallest in parliament but with the potential ability to swing any vote.

"They have got a gun to our head," he said.

[BANG?]

John

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Guest from Sanity
Date: 18 Mar 13 - 04:23 PM

..and the IMF, World Bank, The Federal Reserve, NAFTA, SEATO, EU and the rest of these power monger puppeteers of all political parties, will, of course dictate what is really the 'good' thing for all of you..so, it's easier to hate them...and yet identify with one of their owned and controlled political parties!
Good Grief!

GfS

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: DMcG
Date: 18 Mar 13 - 04:44 PM

For once, I agree with Lizzie and I think Backwoodsman and some others have got it wrong. It may well be the case that the ordinary persom can't get at their money so will lose out. But what Lizzie says is exactly what could well occur the next time and in the next place that a loan is considered: the ordinary saver will not wait for a freeze again.

And what makes it different from devaluation, death taxes and so on is precisely that Joe Public can take actions that minimise the effect on them personally but is massively destabilising for the economy,

There was an economist on BBC radio 4 tonight saying people need to understand they are not really saving but making a loan to the bank which like any other loan could go bad. I could almost hear the ordinary man saying "Tell you what. I'll withdraw all mt money, then you can debate whether it was savings or a loan."

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 05:36 PM

What you and many of the other posters seem to be conveniently ignoring is the iniquity of bullying Germans being able to dictate a tax policy in another sovereign state, a policy which punishes not the ones who brought about the situation and, allegedly, laundered Russian money - the banks - but innocent people, the Mr. Average-Small-Savers, who trusted the banks and who provided the banks with funds.

Read the article I linked to in my OP, which explains how the terms of the rescue, including the theft of savings of ordinary people, break the two central principles on which the reform of the system of mending broken banks.

As I said in the OP, it's Cyprus taking the bully's shit this time - who will be next? I hope the Italians have got eyes in the backs of their heads.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 18 Mar 13 - 05:38 PM

Read the article I linked to in my OP, which explains how the terms of the rescue, including the theft of savings of ordinary people, break the two central principles on which the reform of the system of mending broken banks is based.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,used to live there
Date: 19 Mar 13 - 11:17 AM

This is way more complex than some of the postings have let on. The Cypriots benefitted as a nation from their country's role as a banking center, and from deep investments in Greece and major infusions of captial from Russia, some of the latter legitimate but much from that country's kleptocrats and tax avoiders. Virtually everyone on Cyprus benefitted from the strong economy, although obviously there were disproportionate benefits up the scale. When the Greek economy in which the Cypriots and their banks were deeply invested collapsed, it pulled Cyprus down with it. The bailout is the result, with the Germans in this case insisting on a national contribution from Cyprus to the bailout that the Cypriot economy cannot sustain without surcharging its citizens directly, which is what they are doing with the tax on bank accounts. Could they have weighted it more toward the rich? Sure, but no plausible version of the individual contributions could produce enough money without contributions further down the economic scale.
There's plenty of blame to go around here, but the version that has poor disenfranchised ordinary people of Cyprus picking up the tab for the plutocrats just doesn't cut the mustard.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Stringsinger
Date: 19 Mar 13 - 11:32 AM

As it is in the States, the bank robbers have turned into the robber banks.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: McGrath of Harlow
Date: 19 Mar 13 - 11:56 AM

"The Cypriots benefitted as a nation from their country's role as a banking center"

And there lies the moral. The same Iceland benefited, an Britain when the banks had to be bailed out.

Being a centre of international casino banking just isn't worth it, whatever the short term benefits.

I suppose applying this only locally rather than to international depositors is because locals are in practical terms stuck with using banks in Cyprus, and international bankers can just switch to using another country.

I'd have thought that dressing it up as a tax levy, which is what it really is, would have been a better idea, and would have come to the same thing - and wouldn't have provided the same perverse incentive to escape paying by avoiding using the banks.

It occurs to me to wonder whether Credit Unions affected by this as well? How about Building Societies etc? If they weren't that could be whatever the opposite of a "perverse incentive" might be.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,John from Kemsing
Date: 19 Mar 13 - 12:01 PM

"USED TO LIVE THERE". It reads like the voice of reality and sanity. Everyone should take notice. As inferred by Jim Knowledge earlier, do I understand that the fracas does not include the Turkish north of Cyprus?.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: MarkS
Date: 19 Mar 13 - 12:02 PM

Look, it's just an increase in the sales tax, except they are taking it in advance of your spending it.

And it's progressive too! Rich people with a lot of money in the bank will loose more than those with less money. Isn't that the point of a progressive system? Those Cypriots who are wealthy will finally be paying their fair share.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Guest from sanity
Date: 19 Mar 13 - 12:05 PM

Stringsinger: "As it is in the States, the bank robbers have turned into the robber banks."

Well Strings, I agree with you on this one...and to underline your post, you may want to look at THIS ...and note the 'liberal hero' players....and then consider what I've been saying...for a L-O-O-O-N-G time!

GfS

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,used to live there
Date: 19 Mar 13 - 01:23 PM

McGrath wrote "I suppose applying this only locally rather than to international depositors..." I didn't think that was the case, which explains why the Russians, who have deposited so much money in the Cypriot banks, are screaming so loudly about the proposed levy.

And yes, as noted above: this involves the Greek south, not Turkish Cyprus in the north. I don't know the extent--if any--to which the economies of the two communities are linked. I expect not very much, since they are so fiercely separated politically, which means the economic pain of the south will not be felt too strongly in the north.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,guest
Date: 19 Mar 13 - 03:31 PM

Simplistically banks operate upon trust T and a new use for lamphe rape and pillage of a person's bank account by the diktat of an outside body is a crimminal breach of that trust.
If this goes ahead it will come to a bank near you. I foresee meltdown of the euro and a new use for lamp posts when the lights go out. If I was a banker or politician I would be very afraid.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST
Date: 19 Mar 13 - 03:37 PM

(apologies for earlier post, bits got transposed where they should not)

Simplistically banks operate upon trust. The rape and pillage of a person's bank account by the diktat of an outside body is a crimminal breach of that trust.IF this theft goes ahead I foresee meltdown of the euro and a new use for lamp posts when the lights go out. If I was a banker or politician I would be very afraid.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Guest from Sanity
Date: 19 Mar 13 - 03:54 PM

Guest, guest: "If I was a banker or politician I would be very afraid."

..and just wait till the general public comes to grips with the FACT that the two of them have been colluding this intentionally!!
It's a power grab for control. Obamacare is just one part of that grab, as some of you may already know!

GfS

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Niggardly Bastard
Date: 19 Mar 13 - 04:56 PM

It's not theft when the banks do it.
It's not a crime when the government does it.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Guest from Sanity
Date: 19 Mar 13 - 05:47 PM

Of Course..the banksters own the government, who writes the laws...to protect the both of them!

Happy political positions!!

GfS

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: McGrath of Harlow
Date: 19 Mar 13 - 10:19 PM

Well, everyone seems to have been a bit premature in assuming this was all cut and dried. Not a single member of the Cypriot parliament was prepared to vote for it, and the whole deal has gone into meltdown...

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Guest from Sanity
Date: 20 Mar 13 - 12:44 AM

Good!

GfS

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Backwoodsman
Date: 20 Mar 13 - 02:34 AM

Thank God for that.

However hard some might try to justify the theft of money from individuals' bank accounts, the plain and simple fact is that it breaks the rules for banking-rescues in the EU, and its a clear example of one large, powerful nation, Germany, bullying a smaller, weaker one.

Plus ca change..............

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,John from Kemsing
Date: 20 Mar 13 - 06:25 AM

Hey, this hasn`t gone away you know, just because the Cyprus Parliament voted it down, in no un-certain terms. They are now seeking extension or extra loans from Russia and possibly the Middle East to cover the cost of development that has taken place and eventually, someone has to pay. If the future economy of Cyprus fails to earn enough wealth to pay for these loans then little has changed except they could be in the grip of Moscow and its "funny money" and an increased debt.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Keith A of Hertford
Date: 20 Mar 13 - 06:30 AM

And, the banks stay shut!

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: John MacKenzie
Date: 20 Mar 13 - 06:36 AM

Why are banks not allowed to fail? They are businesses, and businesses fail all the time. Nobody is surprised if a company they buy shares in, goes bust, or loses value on the stock market.
Banks are a business, not a charity, in most cases they provide a cheap service, when it comes to savings, or current, accounts. I think it's lulled us all into a false sense of security.
Basically, you're giving YOUR money, to someone else, to look after. Someone you only know through a business arrangement, which is more to their advantage, than it is to yours.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Guest from Sanity
Date: 20 Mar 13 - 12:59 PM

"Why are banks not allowed to fail?"

Some do..it all depends on their relationship with the larger banks who are tied in with the government, through corruption. If they don't go along with a 'merger' or 'takeover' (hostile or negotiated), they fail.

Simple.

GfS

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: McGrath of Harlow
Date: 20 Mar 13 - 01:50 PM

If a bank fails then all the people who have put their money in there, as a safe place, stand to lose it all. Unless the government comes along and refunds them.

Taking the bank into public ownership is more sensible. But keeping the same people in charge and paying them massive salaries and bonuses on top if that definitely isn't.

International banking is a pretty daft idea.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST
Date: 20 Mar 13 - 03:33 PM

This is a little convoluted but I am sure mudcatters will get the drift.

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." – Woodrow Wilson, after signing the Federal Reserve into existence

Beware the military/Industrial complex:- Dwight Eisenhower

We are opposed around the world by a monolithic and ruthless conspiracy that relies primarily on covert means for expanding its sphere of influence, on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, upon guerrillas by night instead of armies by day.

It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations.

Its preparations are concealed, not published. Its mistakes are buried, not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumour is printed, no secret is revealed. :- President Kennedy(shortly before he was shot)

Could the collapse of economies and currency be the result of pure chance? I suspect only for those that believe in Father Christmas and the tooth fairy.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Guest from Sanity
Date: 20 Mar 13 - 04:03 PM

Well, whomever 'Guest' is, has a clue!!..Good post!

GfS

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,guest
Date: 20 Mar 13 - 07:07 PM

There are rumours of a saviour, a night in shining armour. It is Ivan Umbrellavitch on his trusty steed Polonium.

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: GUEST,Curious
Date: 28 Mar 13 - 03:24 PM

Wilson and the Federal Reserve have been mentioned. Is this a Government-owned, or Government-controlled, Bank, or System, or is it, or was it, privately owned? If so, by whom?

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Airymouse
Date: 29 Mar 13 - 10:30 AM

From the point of view of economics, the question is not whether the actions in Cyprus are good or evil, or justified or unjustified. You should be asking what are the economic consequences. You weaken the banking system in Cyprus and in all countries where the banking system is already perceived to be weak, especially within the EU. You also slow the velocity of money in these countries. These are not good outcomes. At the heart of Keynesian economics is the notion that investment is based more on faith and trust than in mathematical calculations of probabilities. Hence, it is always a bad move, like a bad move in chess, to undermine investors' faith and trust. I venture the opinion, which others do not hold, that it is also always a bad move to ignore the advice of John Maynard Keynes. In the United States, we have used monetary stimulus, rather than following Keynes's advice to use fiscal stimulus, and Richard Koo has pointed out in advance why this substitution is not a good one. Great Britain ignored Keynes at the Treaty of Versailles. Now it is flouting his advice yet again. As we say in the States, "lot's a luck".

Subject: RE: BS: Cyprus Govt - Theft of Savings
From: Musket
Date: 29 Mar 13 - 01:26 PM

I love the advice from Bridge, saying don't use foreign banks. Stick to British ones eh Richard?

Err.. Santander? HSBC?

Still, remind me to shut my Bank of Scotland account before the referendum...